Take a step back in time and imagine Polaris in its infancy as a company. The year is 1954.
Required:
1. Read the history of Polaris at www.Polaris.com. Identify the founder of the company.
2. Assume that Polaris was originally organized as a partnership. Polaris income statement in Appendix A varies in several key ways from what it would look like for a partnership. Identify at least two ways in which a corporate income statement differs from a partnership income statement.
3. Compare the Polaris balance sheet in Appendix A to what a partnership balance sheet would have shown. Identify and explain any account differences we would anticipate.